Oops, 7 Days. Hey look I don't update on weekends.

giffen behavior (defined)

the price goes up, demand also goes up.

"As Mr. Giffen has pointed out, a rise in the price of bread makes so large a drain on the resources of the poorer labouring families and raises so much the marginal utility of money to them, that they are forced to curtail their consumption of meat and the more expensive farinaceous foods: and, bread being still the cheapest food which they can get and will take, they consume more, and not less of it. (p. 208)"
Permalink economista 
July 29th, 2007 1:45pm
Let them eat cake.
Permalink The Headless Damsel 
July 29th, 2007 1:54pm
> farinaceous foods

Only oreos talk like that.
Permalink strawdog soubriquet 
July 29th, 2007 2:30pm

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